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with the ecb to make sure that the euro got through this problem. i was designated to ask you about the banking union. and at that point he was there optimistic. he thought the banking union could be worked on, in place in the first quarter of this year. well, now they've moved it to the first quarter hopefully in 2014 and you still have argument somehow it is going to be done. so you need to put a timeline on this and then you've got to adhere to it. but to get the banking system back with similar regulations throughout the eurozone is absolutelabsolutel absolutely necessary. it is key to the recovery of your. second of all is a plan that he talked about on july 26 in london last year. which is the outright monetary transaction, whereas the ecb would buy bonds from the country's in trouble, along with the european stability mechanism under certain conditions. in other words, certain conditionality. now, the ecb is going to put up that conditionality. they have enough on there. and so it will probably be international monetary fund, but they haven't really agreed what kind of conditionality the
the european politicians and believing in the euro project, are you? >> well, i was. breaking up, wouldn't be here -- >> you're going to tell me that you're convicted on the aussie/dollar. >> no, i'm not convicted. i'm admitting that i've been wrong. we think aussie is terribly overvalued and that's the problem, frankly. >> good to have you on. plenty more to come from you. the ecb is going to keep its interest rates at a record low today. that's what we expect, anyway. the markets will be listening to the delivery tone of mario draghi's delivery. silvia wadhwa is back at her delivery post. 2013 [ speaking foreign language ]. >> everything is going to stay the same. the ecb hasn't got anything to do right now. they've pretty much said everything on track, probably the best, cheapest intervention they had so far was the program. every month announced again. we stand ready to act, but so far they haven't had to do anything because nobody has asked for an omt program yet. but the market believes that the ecb is there as the backstop. so far, that was very successful. in terms of anything el
. euro/dollar, we've traded between 1.30, 1.50, 1.32 the last couple of weeks. that's where we stand in europe. we have the latest out of asia. >>> thank you. a mixed day of trade finish asian borses. the nikkei snapped a two-day losing streak ending .7% higher. talk as the boj set to ease its monetary policy this month by boosting its asset purchase program. after a brief pause yesterday the yen weakened against the u.s. dollar again today fueling automakers and other exporter stocks. >>> elsewhere, the shanghai finished flat as investors remained cautious ahead of trade and cip data due out. reports that more property curves will be made itted to tame rising housing prices. agricultural stocks surged on expectations that beijing's urban growth plan will support food production. in hong kong, the hang seng rebounded half a percent from the lowest level in the week. mainly banks gained momentum after ubs upgraded icbc. concerns over q4 earnings sent the kospi lower by .3%. the fifth straight day of losses for south korean shares. i.t. stocks and development ralliers pushed higher .4%
markets in europe. perhaps we're seeing a special case of that in europe. >> do you expect the euro to remain weak for the rest of the year? >> i expect the eurozone crisis to remain weak. people will look carefully at special situations across europe. >> and best performer of 2013? >> it's impossible to tell. let's say the whole of the market. >> very diplomatic answer there. david simple sop, thank you very much for coming by. some hopeful signs there. straight ahead on the program, talking of hopeful signs, our next guest is at u.s. oil production not seen since the 50s. what does it mean? we'll explore that when we come back. . >>> welcome back to "worldwide exchange." these are your headlines. the bank of japan steps up its easing agenda under heavy government pressure, doubling its inflation target and promising open ended qe starting next year. >>> president obama lays out a vision for his second term in his innagul address. >>> and this is the face of the new mr. euro. earlier, we had a nine to one ratio of decliner toes advancers.inaugural. earlier, we had a nine to one rat
yielding 1.5%. as far as currency markets, the euro/dollar at 1.3277. couldn't sustain it over 1.34. some comments saying the euro exchange rate is dangerously high. stepping down, as head of the euro group. they'll decide the success on january 21. dollar/yen, 87.88. and aussie dollar is over 1.0540. we'll bring you up to date with events in asia. we have more from singapore. >> sure, thank you. those asian markets finished in the red. the nikkei suffered its worst daily showing in eight months despite upbeat machinery orders data for november. a rebound in the yen fueled profit-taking in exporters. shares of al nippon airways slipped 1.6% today. and some boeing suppliers such as the battery maker gu uasa tumbled. the shanghai composite pulled back .7% after hitting a 7.5-month high yesterday. developers continued to lose ground after strong gains since q4 last year. this despite talk of delaying the property tax reform due to insufficient planning and law making. >>> in hong kong all eyes on the chief executive's maiden policy speech with a focus on measures to tackle the housing crisis
. the euro hit the 118 level for the first time in 20 months. that pair is changing hands at 118.10 to 15. market participants say worries about the debt situation in the euro zone has eased due to positive comments on the regional economy from the european central bank president. let's see how this is affecting the stock market. the weaker yen is prompting export on stocks. let's take a look at how other markets in the asia pacific are performing. south korea's kospi trading modestly in the negative down about .10 of a percent. look likes a bit of a mixed picture today. over in the united states president obama had revealed his nomination for his treasury secretary. his chief of staff jack lew is poised to replace timothy geithner. >> over the years he's built a reputation as a master of policy who can work with members of both parties. jack has my complete trust. i hope the senate will confirm him as quickly as possible. >> mr. president, i look forward to continuing the challenges ahead. >> lew is 57 years old. he's well versed in financial policy. he served as director of the office o
% of those surveyed would prefer the uk to leave the euro. >> i should have said leave the european union. britain can't leave that monetary issue. we'll have plenty more on the relationship between britain and europe. for now, we can look at the relationship with markets. the euro stoxx 6700 is down about 0.4% today. not a done of differentiation. the biggest gainer, interestingly, is monti paschi. some of the airlines are struggling, too, on the back of ryan air's results. now take a look at what's happening across the bourses. we're seeing somewhat again of a trading pattern here after the last several trading sessions where it's not consistent. we'll get those up for you just as soon as we can. today, it's down pretty much across the board. the ibex shedding 0.12%. the cac 400.15% the. the xetra dax is also down 0.1%. the ftse 1100, same thing. pretty consistent story across these indexes here. it's a big week for earnings, too. in the meantime, let's take a look at the bond wall. it's been interesting, actually, to see the lack of action, lack of attention markets have been paying he
the dollar. concern about the strength of the euro overall could be a threat. undercurrent to the u.s., which looks like to be a negative one. >> the big macro, everything out of japan, not so great. but the united states banking story, i think, is as you mentioned, carl, is it a real u.s. economy, what is the read on it. people are doing better. and this is a section that was terrifically performing in the s&p last year. and you could argue, wait a second, it's run ahead. but it's not selling off today. i thought people thought it would sell off. we're not getting that kind of judgment. >> a lot of up moves on the back of goldman sachs earnings. take a look at the financials. [ bell ringing ] >> taking a look at the open here. no surprise. oh, look, apple is higher by 1.9% in today's session. helping the nasdaq in an up trend. cutting apple to set to perform. a lot of the reasons we heard before, but apple will have bottomed, either yesterday, or today. calling the bottom in shares of apple. remember, on the way up, in september, they're worried about the impending pop on apple. making the m
long. euro/dollar, who cares about that one today? let's talk more about china. we'll head out to hong kong for in-depth analysis. intel giving investors the jitters with a disappointing forecast and a massive increase in capital spending. we'll look at those figures just after 10:20 central european time. 16 minutes later, we'll head out to bangor to talk to the ceo of wipro. >>> and the hostage crisis continues in algeria. we'll have the latest news right after the break. stay with us. what are you doing? nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex office. >>> welcome back to the program. a spokesman for the british foreign office says the uk government has received no words that the hostage crisis in algeria is over. most of the reports suggests dozens might have been killed during a rescue operation carried out
policy response generally to the european union, the euro project, i should say. we have the euro group separately meeting. we have this little issue of cypress. in terms of gdp, it's little. politically, though, it could be much more significant. tie this altogether for us. how important is an essential change of power in germany to these continued effort to resolve the crisis in cypress or other member states? >> i think the key issue is that germany is a big importer from spain, italy and the periphery. if the german numbers weaken, we'll see that later in a periphery. >> especially through spain. >> ultimately, this is really an economic story. the periphery are a lagging indicator of what's going on in germany. my concern is sooner or later, these peripheral equity may start to be under pressure again. what are your positions on debt? >> i think at this stage we're still comfortable with the core. the reason, there's probably another risk off take his. whatever the reason behind it, it tends to protect the periphery, not the core. for example, france continues to perform very, very
, disappointing industrial production numbers in spain and the uk. but the euro is at a nine-month high this morning. we begin with the s&p, a five-year high. a lot riding on bank earnings. the report's not perfect. american express joining the list of financials that are cutting jobs. >>> best buy's troubles continue. they're not the only retailer under pressure this morning. jcpenney capping a bad week. >>> boeing under official view as a probe is taken on the plane. a cracked inshield and oil leak. >>> remember a cheaper iphone? a top apple executive said forget it. the company continues to focus on china. >>> we'll kick off with wells fargo, kicking off q4 results. the lending business came in a little bit lower than many analysts expecting. the numbers coming out after american express announced plans to cut 5,400 jobs and the s&p closed at fresh five-year highs. jim, it's been said, wfc, probably the most important report of the week. what kind of grade do we give it? >> the whisper was they weren't going to do this anyway. i don't know anyone would think they would -- people were
as well. the euro i trading higher and that's being quoted at 120.77 to 79 against the yen. now to stocks. a weaker yen is prompti ining inverinver investors to buy. let's take a look at other markets in the asia pacific region. the kospi is trading lower by half a percent. in australia the benchmark index is trading higher by .4 of a percent. german chancellor expressed concern. her remarks suggest that japan's efforts could be regarded as a deliberate attempt to devalue its currency. she stated that g-20 discussions are focusin on pitical manipulation. she added she's not completely without concern at the moment about japan. the abe administration decided to work together for strong monetary easing measures to get out of deflation. the german leader warned that governmented should not break banks by putting pressure on them. some economists approve of the policies as necessary to pull japan out of prolong stagnation. u.s. president barack obama has picked mary joe white to head the securities and exchanges commission. obama made the announcement on thursday. he said the sec played a cri
of japan would take further monetary easing measures. the yen came under pressure against the euro on friday, the currency rose to the 114 yen level. that's more than 14 yen higher than when the year started. analysts predict the yen's decline is likely to continue for some time. investors are now focusing their attention on what japan's central bank will do when it's policy making panel meets next month. now let's check on the stock markets in other parts of the world. european stocks are trading in a tight range, investors are keeping an eye on the ongoing u.s. budget talks. london's ftse 100 is trading at 5945. in frankfurt the dax is down about .4 percent at 7625. in paris the index there is down about.8% trading at 3644. earlier in the day asia stocks were higher almost across the board. today was the last trading day the year in many markets. south korean shares ended 0 high pressure 49% higher. mainland china stocks rose touching higher levels in more than six months. the hang seng closed at its peak for 2012. here in japan business leaders have urged prime minister shinzo a
provided little market direction. dollar/yen at 88.29. we're seeing the euro is weaker against the yen. euyou're 0/yen at 117.79. >>> the labor union for japan's regional government workers is calling for the withdrawal of the central government's plan to reduce tax grants. the state government wants to cut local tax grants from fiscal 2013 starting this april. it's partly designed to slash regional government workers' wages by an average of 7.8%. the chairman of the all-japan precede tech furl and municipal workers union told reporters wednesday the plan is unacceptable. >> translator: this one-sided policy that the state is going to implement unilaterally has been drafted by skipping all the labor management negotiations. >> tokanaba said local governments are striving to cut workers to deal with the shortage of funds even though they're faced with more tasks in the their everyday work. he said they include social security issues and environmental protection measures. tokanaga added some municipalities have even pressed ahead with their own wage cuts. >>> that is going to do it for b
. the currency markets, open for trading for a lot longer today than stocks. the euro is still below 133, the recent high. it's interesting to see that the risk-on currencies are a bit to the upside. >> watch gold, too. i think gold, 12th year of good performance. >> yes. >> i would emphasize gold should be part of people's portfolios. >> while i don't disagree with you, because i've been wrong on gold two years in a row, silver better performer last year than gold. >> numbers are numbers. i find that the gld is just a very, you know, good way, i hope it goes down, the rest of your portfolio goes up. but remember, in the last 12 years we've had deflation, inflation, good control, bad control, but gold is steady because gold is in short supply in the world. >> i thought we were being positive. i'm optimistic for the next year or so. ten years out, different story. oil prices, right? while they've gone up in the last couple weeks, gas prices are down. >> gasoline. >> gasoline. and nat gas remains fairly low. >> nat gas at four-month lows right now. >> let's not underestimate the extra mone
rose to 11.18% in november. that is a euro area high. if you move forward into decent, you can see the aumt of prices. they're prizing in some easing from the central bank down the road. quick look at what is happening at the bond curve. 5.1, just under 5.1%. the spanish treasury outlining the funds you will need for 2013. you can expect they're going to take as many advantage of these conditions as possible. italy, 4.3% on the ten-year. the gilt yield, above 2%. we will explore what's happening with growth going forward. slipping over now to currencies, here is what we've seen some interesting moves. may not look like much this morning. the euro/dollar is roughly flat. but the dollar/yen moving down by about .3%. it was really actually some support from the euro that came from comments out of japan. japan will be investing, bonds buying in the esm. that is an order to indicate some level of support for the eurozone project. but it also works to help, yes, weaken the yen. on that note, back over to you. >> it's always about the yen. kelly evans in london. the can. thank you. >> we'
? >> pmi, the best rating in a while. the euro weakening against the u.s. dollar, watch thanksgiving yesterday, continues to trend today. there is a bid to safety in today's session. i hate to use that phrase you to put it simply, the safe havens out there as we are staring down the barrel dealing with the debt ceiling and spending cuts. >> i thought they would have a tailwind rather than a headwind on currency. not in sync with a bullish picture, got to understand that one of the great reasons we have been able to have a good run, the dollar getting weaker. and also, unless people are short today, i know people are short, nordstrom's very heavily, short target, short gap, that is the only thing really going up. the mean time, i keep pointing out these dollar stores, they are horrendous today. family dollar really terrible. >> family dollar down 12%. >> you have nordstrom going higher, family dollar going lower, people felt that maybe the dollar stores would catch a bid and nordstrom would have weakness because of the high-end consumer being worried that clearly has not been the case
's a couple of things. he said the victory lap. he said we relaunched the euro in 2012. a lot of talk with chris at this teen legarde in europe today. 2015, talking about this growth in the back half. i think draghi's intentions today were not to mess things up. the general feeling here is that what the ecb has done with the current situation, perhaps created the underlying conditions for growth. >> i hosted a dinner with christine legarde last night. one of the things that came up mario draghi said this morning that maybe we have good fall back into a problem again. >> well, that's a good question. but what we're hearing is this new buzz phrase out of davos, which is gsp. >> what is that? >> global stability put. i think larry summers may have been the one to coin this phrase. i heard it this morning when i met with a bunch of central bankers at a breakfast this morning. this phrase keeps coming up. the idea you have japan, you have the european central bank and you now have the fed obviously full throttle on monetary policy, underpinning and, you know, we meet here now in davos, the
mechanism in order to protect the euro. now we have it. now it is in place. and that's an excellent advantage. on the other hand, for financial and fiscal solidity we have the so-called fiscal compact. this, too, is in force ever since the beginning of this year, and there's now a particular point where we have to continue working, so we have improved fiscal consolidation, we have better, binding commitments, better tools, we have better mechanisms. we also have as regards banking supervision made considerable progress as of 2014, we will have a banking supervision in place in the eurozone in which, obviously, also other european countries can participate. but we're still lacking, and that's something that we need to do this year, 2013, is to see to it that over the next few years to come we also have a convergence in competitiveness within the common euro area. so not somewhere where we are sort of, um, expecting the lowest common denominator, but competitiveness that measures wealth against the best of us and against the best on the global markets. and showing us access to global
look at the euro versus the dollars, wow, euro is screaming today. you look at the euro/yen, that's screaming as well. the dollar/yen is screaming as well. so the dynamic of the yen continuing to be under pressure. will this be a huge move? many think, if you talk to some of the japanese officials, they're say it's just getting back to a reality after the end was pretty much decimated about a year ago with respect to too strong relative to the other currencies. no matter how you slice it, all that meats is where we are now and where we're going in the future. >> thank you we'll find out the latest movements in energy. sharon, take it over. >> it's all about algeria. a lot of traders are paying attention to the ongoing hostage situation at the gas field where islamist militants had attacked that facility and still holding some folks hostage there. we have learned from the algerian news agency that about 45 hostages, including some americans had escaped the complex, but still bp is confirming that the situation remains unresolved. it tellses it has confirmation that five of its empl
the euro to borrow a tremendous amount of money using the german balance sheet and we're doing the same thing, abusing our world's reserve currency status, and when that ends, it's going to be very painful. >> the music hasn't stopped. the cash is still flowing so markets will go higher. >> you're right. >> all right. we've got to go at this point. i'm not sure we solved anything, but it was fun somehow. >> we did better than congress. >> that's true. >> at least we didn't curse. >> no f-bombs here at least. see you later. stocks kick off the year on a high note thanks in last part to last night's 11th-hour tax deal in congress. checking with bertha coombs for today's leaders and laggards. >> bill, a day for notable milestones. the dow starting the year up over 2% for only the tenth time in 100 years, the nasdaq's best one-day gain in over 15 months, the s&p starting the year with a sizable gain for the fifth straight year. that's never happened and the russell 2000 hitting a new all-time high. zipcar was the russell's biggest percentage gainer on a $500 million cash deal to be acquired
. good morning. >>> becky, good morning. i wanted to show what's happening across the euro stock 600. a generally quiet session. we're down .3% so far in trade this morning. that might have more to do with something happening here at the bottom of the index. the absolute dogs in the europe stock 600 this morning are the oil services. we can show you what's happening. look at the saipem shares once we get through the borses. saipem shares down in the range of 35%. this comes after they took a couple of hours to open this morning. let me show what's happening. 35% for this company. it's europe's biggest oil services provider by market cap. last night came out and warned about the profit outlook it's seeing for 2013. now itself's looking at revenues -- sorry, of earnings of 750 million euro, down from 1.7 billion that the market was expected. this is based on review of contracts based mainly in the leaf, nigeria and -- the middle east, nigeria and algeria. order backlogs, more worry about that. delay of major contract. bottom line, this company comes out in barclay's, for example, calli
the debt situation in europe. euro/yen 123.35-40. >>> british prime minister david cameron says authorities must use every means possible to fight terrorism. cameron traveled to algeria, the site of the hostage crisis earlier this month. he and prime minister abdelmalek sellal announced an agreement to tighten security. >> what i want to do is work with the algerian government and with other governments in the region to make sure that we do everything we can to combat terrorism in a way that is both tough and intelligent and uses everything we have at our disposal, which will make them safer and make us safer, make the world safer. >> the leaders met two weeks after the hostage siege. islamist militants attacked a gas complex in the sahara desert and took dozens captive. 37 foreigners were killed including 6 british citizens. cameron says british and algerian officials will cooperate in several areas including information gathering. his visit was the first by the leader of the country whose citizens died during the crisis. >>> participants in a u.n. disarmament conference voiced negative op
yet. >> all right, rebecca, i have two for you. number one is that i'm reading that the euro crisis this year is going to go on the back burner even though nothing's been settled. it just seems like people aren't as concerned about it. so, i guess that explains the euro's move. and then, this news out of japan that kelly's all -- talks about all the time. >> she's teed up on. >> she's very teed up on that. and reading some of the stuff that abe is getting accomplished, it is different. i mean they're going to do -- they're going to -- >> they're going to out-fed the fed. >> exactly. and you know, they haven't had -- do you remember the last time they've had 2% inflation? >> twice in the last two decades. briefly. one on the back of a tax increase. >> just really brief. >> they've flirted with 2% and that's come back -- >> you think they can orchestrate that? >> i'm dubious for now. but if you have a better u.s., a quiet europe, a better china, there's more hope relatively speaking that you could get enough global momentum, because japan at the end of the day, still is a very open ec
guard msci euro etf, symbol vgk. that's victor george ken for all of you home gamers. i like it so much i own it for my charitable trust. you can follow it. a lot of reasoning why stephanie link and i co-director believe in this. it pays you a solid 3.7% yield while you're waiting. next up, yeah, there's -- china. not done. chinese economy has been in the process of bottoming for a while now. i think the genuine turn could be at hand. we know the chinese central bank has been providing capital injections to banks. last year they cut the reserve requirement three times, interest rates twice. i expect pair policy to remain easy. capital injections turned the tide. hit record levels in september/october. something that's helped the chinese economy dramatically as we see from improving macrodata points. purchasing managers numbers, industrial production, retail sales, housing numbers, you name it china has beaten inflation, they have the flexibility to do more juice to the economy if they need to the chinese party just got a new leadership in november. these guys are anxious to make a good
.894%. and the dollars this morning is up across the board. euro coming in at 1.326. and the dollar/yen is at 88.87. gold prices at this point are down by about $9. 1,669 an ounce. >>> it's now time for the global markets report. ross westgate is standing by in london this morning. good morning, ross. >> andrew, good morning to you. we're pretty flat in european markets as evidenced by the wall behind me. european stocks in general closing yesterday at two-year highs. the ftse yesterday closing above 6,100 for the first time since may 2008. so not quite the five-year high of the s&p but not far behind. we're seeing the ftse pretty flat as with most of these markets. you have been taking a look at these markets. we saw the 12-month borrowing cost at a three-year low. and today at auction, three-year yield in italy down a little bit. hitting under 2% at 1.85%. they raised 2.5 billion. that is the lowest we've seen on italian auction yields for that three year in march 2010. so continuing lower borrowing costs for italy and, of course, for spain we saw yesterday. now, the -- there we go. 1.9% is the cash ma
against the euro, which is at 11-3358. and gold prices are down, $1,678.20 an ounce. >>> michael corbett says the bank has the right status to generate future growth. speaking at the world economic forum in davos, he tells cnbc that several years worth of revamping efforts are beginning to pay off. >> over the last year, we've simplified the company a lot the. we've become smaller, we've become simpler. >> corbat took over in october after the resignation of chief vickram pandit. >> very sharp in the stripes. >> yeah. >> the gegco, do we have a shot at him? >> no. >> that looks pretty good. there's product in there. what do you think, it's water? there is product. and, you know -- >> davos, they tend to walk out with wet hair and it turns to ice. >> but people don't look that good in davos, normally. >> that's true. >> he looks like a banker there. i think he has a lot of potential as far as his looks go. in the world economic forum in davos is in full swing. let's get to andrew buzzing in the mountains of switzerland. you're a big apple-phile, too. >> you're hoping people look good in d
is at 1.877%. the dollar this morning after the euro picked up strength last week, the dollar is stronger against the euro and the yen and the pound. right now, dollar/yen is at 88.79. gold prices this morning up about $5.80. $1,6933. >>> german chancellor angela merkel is hoel hosting french president francois hollande and his government, his entire government in per lynn today. festivities mark 50 years since the treaty of friendship was signed. that's knight nice. a joint cabinet meeting and parliamentary session is being held also. today's events come as the two countries struggle for a common vision as crisis hit europe. and it's nice that -- >> friendship? >> yeah, after that cold and nasty occupation thing in world war ii and all. meantime, in brussels, european finance ministers are meeting. they're expected to give their approval to allow 11 states to start preparations for imposing a tax on all financial market transactions and measures likely to unsettle banks and houses. for more on the story coming out of europe today, let us head to london to kelly evans who is standing by t
drifting lower? guess what, all of these currencies down against the dollar. euro, pound, canadian dollar and mexican peso. in other words, the dollar is up. we'll be right back. ♪ [ slap! ] [ slap! slap! slap! slap! ] ow! ow! [ male announcer ] your favorite foods fighting you? fight back fast with tums. calcium-rich tums starts working so fast you'll forget you had heartburn. ♪ tum tum tum tum tums tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platformrom charles schwab... tdd#: 1-800-345-25 gives me tools that help mfind opportunities more easily. tdd#: 1-0-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 until i choose to focus on something else. tdd#: 1-800-345-2550 all this with no trade minimums. tdd#: 1-800-345-2550 and only $8.95 a trade. tdd#: 1-800-345-2550 open an account with a $50,000 deposit, tdd#: 1-800-345-2550 and get 6 months commission-free trades. tdd#: 1-800-345-2550 call 1-866-751-3261. >> it is now 19 minutes past the hour. i'm heather nauert wi
of the euro is not likely anymore, and that's clearly the case. i think draghi has done a terrific job. and number three getting through the leadership transition in china and further stimulation in china. all of those three things are more positive than they have been at any point in the last several years. >> in no doubt about it. in terms of europe. you have the election in italy, bonds due, interest on the bonds due in spain. do these represent hiccups do you think? >> i think they're just challenges or marks in the journey. look at what the progress has been in europe. the progress with the fiscal constraint in portugal, in ireland, in spain. the role monti has played in italy and the leadership he's given that country. the steadfastness of merkel in germany. the fiscal restraint in the uk. all of these are saying we get it collectively. we need to show restraint, but we need to restructure at a pace our societies can absorb so we're going to have a continued series of steps. there's no big bang answer. >> speaking of the u.s. for a moment, a number of banks are getting out of fix
. that helped push the euro to the highs of the day. we're showing you the ten-year yield for spain over the last year. it's down -- we wanted to give you context. remember it was the summer when they were getting very nervous about 7% yields. now we're down to 5%. some of the spanish bonds very long term. due in 2041. so they have clearly regained some of the confidence of the markets. take a look at this six-month chart. the big decline in particular of nearly 30% when it comes to their long-term interest rates. european stocks, they were choppy today though. driven in part by a german news report that said german regulators are running a simulation on what would happen if banks were forced to split their retail and investment activities. think of german glass steagall. so they got hit particularly hard, falling more than 3% before recovering off the lows. there were rumors denied by the bank that they'd offer a profit warning. you can see the big hit here. the overall german market improved after the confidence data came out in the country. better than expected. but still, an overall
in europe. in europe, unemployment is still rising, approaching 12% in the euro area. steadily hovered around 8%. no relief from that and no reasonable source of relief. we double or triple those numbers and again, nothing to write home about, long-term unemployment, people disconnecting from the labor market and problems with migration issues and problems with the delivery of public services precisely because of that. we are saying go green because we are on a collision course with nature. because at the rate where we are going, we are going to have a poor degree of success by the end of the century. we are talking about improbable scenarios, but we are on a course and have not done very much about it. the biodiversity, the air, the waste, these things continue to be challenges. because of the crisis, we have been distracted and there are some institutional issues take away a little bit of obsolete. democracy and governance issues, the g8 and g20 have not been mentioned here. we have to improve international cooperation to get home. yesterday we wrote a panel about what to do in 2013.
2%. the dollar has been something to watch in terms of the euro. but even more against the yen and finally gold was -- after the fed comments about maybe not, you know, being accommodative forever. hit the gold markets pretty hard last week. >> it's time now for the global markets report. ross westgate standing by in london across the pond. mr. westgate. >> hey, andrew. thank you very much for that. you can see after the gains we had last week, softer this morning. decliners outpacing advancers by a ratio of around 6 to 3, somewhere around that margin. the ftse 100, when you're a stock in general up at 22-month highs, friday, up .5%. right now, the if it is sfts is down .25%. we're not far away from the all-time highs on the xetra dax 7740.78 is up near the all time high. the cac 40 is down .5%. ibex up .1%. no doubt about the standouts, that is indeed the banks after the basel committee that supervisors bank regulation, says the liquidity cover ratio, which is the thing that forces banks to hold enough cash and easy to sell assets, they're changing that in terms of what they n
. these are all measured in dollars. when there is a sense of crisis in the currency, whether they are euros or dollars, large investors are looking for their value. where is their value out there? where can they put their currencies? if you look back to 2008 -- that was when we saw the first major spike in the price of global food. we saw a sense that we cannot want to put money in equities. real estate was tanking. the debt market was tanking. where do we put all of this cash we are sitting on? in commodities. a bunch of academic studies came out same commodities were a legitimate form of asset allocation. instead of just putting our money in stocks and bonds and mutual funds, now you will see a lot of money managers allocating assets into commodities. this is only possible through newfangled derivatives through wall street, electronically traded funds. that is the way food becomes an asset in your portfolio. the problem is that those asset allocations and those newfangled derivatives have an inflationary effect on the price of food globally. host: here is the first call for you from georg
. >> does it matter? >> to me, it doesn't matter. >> it won't change what the 10 euro is doing anyway. >> no see. because the fed is involved. >> the has the why it's so hard as an investor, your typical benchmarks you use are no longer market determined. as a result, it's very ha hard -- everybody references those rates but those rates aren't market determined. i like to call fixed income is price fixed and no income. that's what you're dealing with as fixed income investor. >> thanks, doug. a little bit more from you. >> when we come back, in fact, lawmakers striking the deal to avoid the fiscal cliff. setting up another fight in two months or less over the debt ceiling and sequestration measures that got pushed over the road. we have republican john barrasso with more and budget battle still to come. c'mon dad! i'm here to unleash my inner cowboy... instead i got heartburn. [ horse neighs ] hold up partner. prilosec isn't for fast relief. try alka-seltzer. kills heartburn fast. yeehaw! but don't just listen to me. listen to these happy progressive customers. i plugged in snapshot,
thing i'm not really afraid of us in this world are the rating agencies. >> only because the euro is so weak, the chinese are where they are. we can't depend on the rest of the world being feckless forever. >> people like me have been saying for five years, don't worry about these deficit things for the time being. they're not an issue. other people have saying imminent crisis, imminent crisis. how many times do they have to be wrong and do people like me have to be right before people start to believe in us? >> you're right until the day you're wrong, and that's a bad day. >> and he's on the sides of buses in spain. there we go. >> he's huge! >> paul krugman. >> thank you so much. >> this is fascinating. you've got to come back. it's great to have such diversity of thoughts. i'm serious. >> come back. >> spirited. >> the book is "end this depression now!" out in paperback. read it. we'll talk about it more. >> you're too early in the morning. >> you think so? >> yeah. >> why? >> the viewers may like it, but i don't. >> class doesn't start this early. >> oh, my goodness. >> we'll have y
to credit, and that is why the work of the consumer euro is important. the way companies manage risks and the ability of nonfinancial firms to manage their financial risk or as they say interest rates and currencies. the so-called derivative stocking. and the capital of liquidity in the role of the fundamental rule that money market mutual funds play to help many manage their day-to-day liquidity. all of these things are happening at the same time. these changes are significant and it is important that we get it right. this is not a question of whether financial regulation reform should be more or less, it should be, you know, we call the you know, we called the rightly or wrongly. how do we make sure you get right? for us get it right? for us, the definition of getting it right to preserve the most diverse sources of capital in job creation in the american economy. today we will hear from dan gallagher who i think is a in a good position to lay out an agenda for this and we hope that this is an agenda which has attracted strong bipartisan support, then it can be done again. the commi
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